SIMPLE IRA Transfer
Can a SIMPLE IRA that has been open for less than 2 years move in kind to a SIMPLE at another location? Remain a SIMPLE, just use a different custodian. Thanks,
Can a SIMPLE IRA that has been open for less than 2 years move in kind to a SIMPLE at another location? Remain a SIMPLE, just use a different custodian. Thanks,
Permalink Submitted by Alan - IRA critic on Thu, 2019-02-21 16:01
Yes, this can be done either by 60 day rollover or direct transfer. This is done most often to avoid the high fees and expenses in a 5305 SIMPLE by the designated financial institution. The DFI is then required to transfer new salary reduction contributions to the transfer SIMPLE IRA account without cost or penalty.